Key points
- Nautilus updated its Sept. 26, 2017, financing requirement from $15-million (U.S.) by Oct. 31, 2017, to $10-million (U.S.) by Nov. 30, 2017.
- The company is deferring some immediate cash flow requirements while in discussions with parties involved in manufacturing the seafloor production system.
- Nautilus warns there is no assurance the additional financing will be secured within the required time or at all.
- Nautilus holds the first mining lease for polymetallic seafloor massive sulphide deposits at Solwara 1 in Papua New Guinea and has its environmental permit for the site.
NAUTILUS PROVIDES UPDATE
Nautilus Minerals Inc. is providing an update to its financing requirements set forth in the company’s Sept. 26, 2017, press release.
The company continues to be in discussions with various parties involved in the manufacture of the seafloor production system, and the company is making progress with respect to deferring some of its immediate cash flow requirements. As a result, the company is updating its previous reference to a financing requirement of $15-million (U.S.) by Oct. 31, 2017, to a financing requirement of $10-million (U.S.) by Nov. 30, 2017.
There can be no assurances that the company will be successful in securing the necessary additional financing transactions within the required time or at all. Failure to secure the necessary financing may result in the company engaging specialist advisers and taking various steps aimed at maximizing shareholder value such as undertaking various transactions, including, without limitation, asset sales, joint ventures and capital restructurings.
The company will provide further updates as circumstances warrant.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
